Kinetic Concepts Reports Preliminary Third Quarter Financial Results
10 Ottobre 2011 - 7:39PM
Business Wire
Kinetic Concepts, Inc. (“KCI” or the “Company”) (NYSE:
KCI) today reported certain preliminary third quarter 2011
financial results. The Company is providing this information to
assist prospective debt financing sources in evaluating the
Company’s results of operations.
Preliminary total revenue for the third quarter of 2011 was
$529.0 million to $533.0 million, an increase of 4% to 5% from the
third quarter of 2010. Foreign currency exchange movements
favorably impacted total revenue by approximately 2% for the third
quarter of 2011 compared to the corresponding period of the prior
year.
Preliminary net earnings for the third quarter of 2011 were
$89.0 million to $93.0 million, an increase of 17% to 23% compared
to $75.8 million for the same period one year ago. On a non-GAAP
basis, excluding the effects of certain acquisition-related costs
associated with our 2008 purchase of LifeCell and charges recorded
in the third quarter of 2011 associated with restructuring
activities and with our anticipated merger, preliminary net
earnings were $104.1 million to $108.1 million for the third
quarter of 2011, up 21% to 25% from the same period of the prior
year. Preliminary Adjusted EBITDA was $742.3 million to $746.3
million for the twelve month period ended September 30, 2011.
Preliminary total cash at quarter end was $656.8 million
compared to $316.6 million at December 31, 2010.
These results are preliminary and may change as the Company
completes its financial statement close process. The Company
intends to issue a full press release containing third quarter 2011
results on October 21, 2011.
Non-GAAP Financial
Information
Within this document, we have included preliminary results for
the third quarter of 2011 on a basis other than those prescribed by
Generally Accepted Accounting Principles in the U.S. (“GAAP”) to
exclude the impact of specified non-cash expenses associated with
our 2008 acquisition of LifeCell and the impact of other charges,
including acquisition-related costs incurred during the third
quarter of 2011. In addition, we have presented Earnings Before
Interest, Taxes, Depreciation and Amortization (“EBITDA”), which is
a non-GAAP financial measure. These non-GAAP financial measures do
not replace the presentation of our GAAP results. We have provided
this supplemental non-GAAP information because it may provide
meaningful information regarding our results on a basis that better
facilitates an understanding of our expected results of operations
which may not be otherwise apparent under GAAP. Management uses
this non-GAAP financial information, along with GAAP information,
for reviewing the operating results of its business segments and
for analyzing potential future business trends. In addition, we
believe some investors may use this information in a similar
fashion. Reconciliations of our GAAP selected financial information
for the periods presented to the non-GAAP selected financial
information provided are included herein.
About KCI
Kinetic Concepts, Inc. (NYSE:KCI) is a leading global medical
technology company devoted to the discovery, development,
manufacture and marketing of innovative, high-technology therapies
and products for the wound care, tissue regeneration and
therapeutic support system markets. Headquartered in San Antonio,
Texas, KCI's success spans more than three decades and can be
traced to a history deeply rooted in innovation and a passion for
significantly improving the healing and the lives of patients
around the world.
The Company employs approximately 7,100 people and markets its
products in more than 20 countries. For more information about KCI
and how its products are changing the practice of medicine, visit
www.kci1.com.
Additional Information about the Merger
and Where to Find It
This communication may be deemed to be solicitation material in
respect of the proposed acquisition of KCI by a consortium
comprised of investment funds advised by Apax Partners, together
with controlled affiliates of Canada Pension Plan Investment Board
and the Public Sector Pension Investment Board. KCI filed a
definitive proxy statement with the SEC on September 26, 2011.
INVESTORS AND SECURITY HOLDERS OF KCI ARE ADVISED TO READ THE PROXY
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN
THEY BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. The
definitive proxy statement has been mailed to shareholders of KCI.
Investors and security holders may obtain a free copy of the proxy
statement, and other documents filed by KCI with the SEC, at the
SEC’s web site at http://www.sec.gov. Free copies of the proxy
statement and KCI’s other filings with the SEC may also be obtained
from KCI by directing a request to Kinetic Concepts, Inc.,
Attention: Investor Relations, 8023 Vantage Drive, San Antonio, TX
78230-4726, or by calling 210-255-6157.
Participants in
Solicitation
KCI and its directors, executive officers and other members of
its management and employees may be deemed to be soliciting proxies
from KCI’s shareholders in favor of the proposed acquisition.
Information regarding KCI’s directors and executive officers is
available in its 2010 Annual Report on Form 10-K filed with the SEC
on March 1, 2011, and definitive proxy statement relating to its
2011 Annual Meeting of Shareholders filed with the SEC on April 15,
2011. Shareholders may obtain additional information regarding the
interests of KCI and its directors and executive officers in the
proposed acquisition, which may be different than those of KCI’s
shareholders generally, by reading the proxy statement and other
relevant documents filed with the SEC when they become
available.
KINETIC CONCEPTS, INC. AND SUBSIDIARIES Selected
Consolidated Financial Information GAAP to Non-GAAP
Reconciliation (in millions) (unaudited)
Three months ended September 30,
% Change 2010 2011
from 2010
Active Healing Solutions revenue
$ 358.4 $ 371.0 – $ 373.0 4% LifeCell revenue 84.9 97.0 – 98.0 14%
– 15% Therapeutic Support Systems revenue 63.4 61.0 – 62.0
(4)% – (2)% Total revenue $ 506.7 $ 529.0 – $ 533.0 4% – 5%
Net earnings – GAAP basis
$
75.8
$ 89.0 – $ 93.0 17% – 23% LifeCell acquisition-related adjustments
(1): Amortization-related adjustments 7.2 6.5 Non-cash interest –
accounting for convertible debt 3.3 3.6 Restructuring and other
charges (1) – 5.0 Adjusted net earnings – non-GAAP
basis $ 86.3 $ 104.1 – $ 108.1 21% – 25%
_________________
(1) Adjustments to “Net earnings” are presented net of tax. The
tax effect of each reconciling item is calculated using the
Company’s estimated incremental U.S. combined federal and state tax
rate of 38.5%.
KINETIC CONCEPTS, INC. AND SUBSIDIARIES Selected
Consolidated Financial Information GAAP to Non-GAAP
Reconciliation (in millions) (unaudited)
Twelve Twelve months
ended months ended June 30, 2011 September 30,
2011 Net earnings $ 299.6
$ 312.8 – $ 316.8
Interest expense, net of interest income 78.2 73.9 Income tax
expense 109.8 118.1 Depreciation and other amortization 147.6 143.6
Share-based compensation expense 33.2 32.3 Provision for bad debt
11.8 11.9 Restructuring charges including GBT — 2.1 Other
adjustments (1) (8.9 )
(6.2)
EBITDA $ 671.3
$ 688.5 – $ 692.5
Wake Forest royalty expense (2) 63.2 39.3 Merger-related expenses
(3) 1.2 7.2 GBT Implementation Expense (4) 7.3
7.3
Adjusted EBITDA $ 743.0
$ 742.3 - $ 746.3
________________
(1)
Twelve Twelve months ended months
ended June 30, 2011 September 30, 2011
Amortization of loan issuance costs included in interest expense
and depreciation and amortization $ (8.4 ) $ (7.6 ) Unrealized
foreign currency transactional (gain) loss (0.6 ) 1.4 Other
miscellaneous 0.1 —
Total
Other Adjustments $ (8.9 ) $
(6.2 ) (2) The Company ceased accruing royalty
expense related to our previously-existing license agreement with
Wake Forest on February 28, 2011. (3) Represents expenses incurred
through September 30, 2011 related to KCI’s pending merger. (4)
Represents labor, travel, training, consulting and other costs
associated exclusively with the implementation of our Global
Business Transformation (“GBT”) program.
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